Median sale price increases in third quarter 2016
ENOLA, PA (October 13, 2016) – The number of residential housing units sold in south-central Pennsylvania increased 4.9 percent in the third quarter (July – September) of 2016. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 2,755 units were sold, up from 2,625 units sold in the third quarter of 2015.
“In July, the greater Harrisburg area housing market saw the best second quarter on record in our Multiple Listing Service records, which go back more than a decade. In October, we have now seen the best third quarter on record in our MLS,” says Jodi Diego, president of the Greater Harrisburg Association of REALTORS®. “REALTORS® in our area feel very positive about this continuing trend in units sold.”
Median home sale price increased in the third quarter, up 4.2 percent from the third quarter of 2015. According to the GHAR MLS, the median sale price of residential homes increased to $172,000, compared to the median cost of $165,000 in the third quarter of 2015.
“Our area’s median sale price saw an increase over the third quarter of last year, and in general, median sale prices are holding steady, if not increasing in certain price ranges,” says Diego.
Listings stayed on the market an average of 64 days – a decrease from an average of 77 days in the third quarter of 2015. The number of active listings at the end of the third quarter decreased to 3,928, compared to 4,580 active listings at the end of the second quarter of 2015.
Nationwide, after bouncing back in July, pending home sales cooled in August for the third time in four months and to their lowest level since January, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, says suffering supply levels have taken the wind out of the momentum the housing market experienced earlier this year.
“Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” he said. “In most other areas, an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the miniscule number of affordable listings.”
“These latest housing statistics show that the greater Harrisburg area housing market continues to move in a positive direction,” says Bob Hamilton, broker of record for RE/MAX Realty Professionals, Harrisburg. “With the increases in units sold and median price, and a decrease in the average days on market, especially having had two record-breaking quarters back- to-back, we are optimistic about our local market.”